Dam sale boosts Q3 profit for Teck Resources, but lower commodity prices sting

Revenue totalled $3.2 billion, up from $3.1 billion

Teck Resources Ltd. reported a profit of $1.3 billion in its third quarter, boosted by the sale of the Waneta Dam.

The miner says the profit amounted to $2.23 per share for the three months ended Sept. 30, compared with $584 million or $1.01 per share a year ago.

Revenue totalled $3.2 billion, up from $3.1 billion.

READ MORE: Teck Resources sees big surge in Q1 profit, sales but falls short of estimates

On an adjusted basis, Teck says it earned 81 cents per share for the quarter, compared with $1.05 per share in the third quarter of last year.

Thomson Reuters Eikon says analysts on average had expected a profit of 94 cents per share.

Teck chief executive Don Lindsay says the company’s operations continued to perform well, but noted it was hurt by lower commodity prices.

The company says steelmaking coal prices were up 10 per cent compared with a year ago, but copper and zinc prices fell by four per cent and 14 per cent respectively, compared with a year ago.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Assessments needed before Parksville beach cleanup could get green light

Permits, reviews would cost city an estimated $164,000

Joint effort helps extinguish shop fire in Coombs

Firefighters quickly contain blaze that spread to nearby trees

Parksville’s Kurz runs 160 kilometres in less than 24 hours

Former Ballenas athlete raises more than $8,000 for Terry Fox Foundation

Island farmers concerned with Agricultural Land Reserve changes

Dozens voice concerns at special meeting in Nanoose Bay

Parksville resort fire caused by flammable gas used to extract oil from cannabis

Investigators detail reasons for explosion and blaze that destroyed building

VIDEO: ‘Avengers: Endgame’ to be re-released with new footage

‘Avatar’ holds global box office record at $2.788 billion, while ‘Endgame’ stands at $2.743 billion…

B.C. teen killed by falling tree near Victoria

Second youth also injured in freak incident during field trip at Camp Barnard near Sooke

Elias Pettersson wins Calder Trophy as NHL’s top rookie

Vancouver forward first Canuck to win award since Pavel Bure in 1992

RCMP allows officers to grow beards

Members can now wear beards and goatees, as long as they’re neatly groomed

Scorpion gives birth after hitching ride in B.C. woman’s luggage

A Vancouver woman inadvertently brought the animal home from a trip to Cuba

30 years later: B.C. woman uses sidewalk chalk to reclaim site of her sexual assault

Vancouver woman didn’t think her powerful story, written in chalk, would ignite such support

FVRD chair calls B.C. incineration plan for Philippines waste ‘disturbing’

Metro Vancouver ‘uniquely capable’ of safely disposing of waste coming back to Canada, say officials

VIDEO: Acknowledging skeptics, finance minister vows to build Trans Mountain project

Bill Morneau said he recognizes ‘huge amount of anxiety’ in Calgary over future of oil and gas sector

Shovels could be in the ground on Trans Mountain by September, CEO says

Ian Anderson points to weeks likely required for NEB to reinstate 2016 regulatory record

Most Read